MALAYSIA AIRPORTS

FINANCIAL RESULTS FOR THE QUARTER ENDED 31 MARCH 2022

30 May 2022

Disclaimer

Key Highlights

Traffic

Propensity

Outlook

For Growth

Group Financial

TY Financial

Operating

Performance

Performance

Statistics

This presentation may contain forward-looking statements by Malaysia Airports Holdings Berhad (Malaysia Airports) that reflect management's current expectations, beliefs, intentions or strategies regarding the future and assumptions in light of currently available information. These statements are based on various assumptions and made subject to a number of risks, uncertainties and contingencies. Actual results, performance or achievements may differ materially and significantly from those discussed in the forward-looking statements. Such statements are not and should not be construed as a representation, warranty or undertaking as to the future performance or achievements of Malaysia Airports and Malaysia Airports assumes no obligation or responsibility to update any such statements.

No representation or warranty (either express or implied) is given by or on behalf of Malaysia Airports or its related corporations (including without limitation, their respective shareholders, directors, officers, employees, agents, partners, associates and advisers), as to the quality, accuracy, reliability or completeness of the information contained in this presentation, or that reasonable care has been taken in compiling or preparing the Information.

Due to rounding, numbers presented throughout this, and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

No part of this presentation is intended to or construed as an offer, recommendation or invitation to subscribe for or purchase any securities in Malaysia Airports.

The financial results should be read in conjunction with the audited Financial Statements for the year ended 31 December 2021 and the Interim Financial Statements for the quarter ended 31 March 2022.

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Key Highlights

3

1Q22 Executive summary

Optimistic on strong recovery as Malaysia Airports pivots to propensity for growth

MY Operations

TY Operations

Key

Traffic

Propensity

Highlights

Outlook

For Growth

Group Financial

TY Financial

Operating

Performance

Performance

Statistics

Pax : 14.8 mil

2.5x

▪ Passenger movements 400.2% to 8.3 mil in 1Q22 over 1Q21 (1.7 mil), equivalent to 32.8% of 1Q19, with domestic already at 57.2%

  • Uplift of travel restrictions since Apr catalyst to faster recovery, international movements 52.9% in Apr'22 against Mar'22
  • May'22 average daily international movements reaching ~20% of May'19, with airline seat capacity expected to reach 50% of 2019 levels by Jul'22

▪ Passenger movements 51.5% to 6.4 mil passengers in 1Q22 (1Q21: 4.2 mil), equivalent to 78.8% of 1Q19 passenger volumes

  • ISG ranked 8th busiest airport in Europe in 1Q22, with airports in Top 7 being major European hubs and historically ranked above ISG
  • Apr'22 YTD international to domestic ratio already at 50:50, higher than pre-pandemic levels, contributing to better yield for ISG

EBITDA : RM186.9 mil

>100.0%

Net Loss : (RM104.8 mil)

+52.7%

  • 1Q22 revenue at RM570.8 mil (RM295.7 mil and RM275.1 mil),69.4% as traffic rebounds (revenue 60.1%, 80.8%)

▪ 1Q22 EBITDA at RM186.9 mil ( -RM21.3 mil and RM208.3 mil), compared to -RM16.2 mil in 1Q21. Significant improvement in line with the traffic recovery in addition to the continuous cost efficiency initiatives. EBITDA equivalent to 33.2% of 1Q19, with already on par with 1Q19

  • 1Q22 net loss narrowed to -RM104.8 mil (-RM78.0 mil and -RM26.7 mil), from comparative 1Q21 of -RM221.3 mil
  • Balance sheet remains healthy with cash & money market investment position of RM2.3 bil, with sufficient credit lines

Cash :

RM2.3 bil

-1.1%

Undrawn Lines : RM6.5 bil

  • 1Q22 cash & money market investments at RM1.1 bil
  • Upsized RM0.8 bil drawdown at 3.86% blended rate in Apr'22, 10x oversubscribed resulting in initial demand of ~RM5.0 bil from initial RM0.5 bil target. Credit rating preserved (AAA / A3)
  • RM6.5 bil contingency lines (RM5.2 bil Sukuk & RM1.3 bil RCF) after Apr'22 issuance
  • 1Q22 cash at EUR265.1 mil (~RM1.2 bil)
  • Healthy cash flows to cover ISG Term Loan as EUR20.0 mil due in June 2022 and EUR25.0 mil due in December 2022
  • Indefinite deferment of utilisation fee for 2 years (2022 and 2021), totaling EUR229.6 mil

Traffic Outlook

  • Propensity for Growth
  • Domestic and international seat capacity nearing 90.0% and 50.0% of 2019 respectively from July, further upward revision expected with new slot filings
  • International seat capacity already exceeded 2019 levels as new ISG Metro station serving as a catalyst for increase in international passengers
  • Identify opportunities to accelerate propensity to generate and grow revenues as traffic recovers
  • Increasing Eraman's brand equity as it expands its omni-channel capabilities and realign towards higher yield generation
  • Sama-SamaHotel improved offerings and new initiatives bearing fruit as already as key metrics incl. average daily rate and revenue at 60.0% of 2019

MY represents Malaysian operations & overseas project and repair maintenance segment in Qatar

TY represents ISG & SGC (formerly LGM) in Türkiye

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1Q22 Group results snapshot

Losses continue to narrow with cash position remains healthy at RM2.3 bil

Key

Traffic

Propensity

Highlights

Outlook

For Growth

Group Financial

TY Financial

Operating

Performance

Performance

Statistics

Passenger Movements (Pax)

Passenger Movements (Pax)

Group

8.3 mil

6.4 mil

14.8 mil

5.0x

+51.5%

2.4x 1Q21: 5.9 mil

1Q21: 1.7 mil

1Q21: 4.2 mil

International

Domestic

1.0 mil

+265.5%

3.3 mil

Domestic

+7.5%

0.3

7.4 mil

+430.7%

1.4

3.0

1.2

International

3.2 mil

+162.7%

Revenue

Revenue

Group

RM295.7 mil

RM275.1 mil

RM570.8 mil

+60.1%

+80.8%

+69.4% 1Q21: RM336.9 mil

1Q21: RM184.7 mil

1Q21: RM152.2 mil

Aero

Aero

RM168.4 mil

RM126.4 mil

+91.2%

+131.8%

88.1 54.5

Non-Aero

86.5

Non-Aero

RM103.9 mil

62.8

RM111.5 mil

+65.5%

1.3

43.7

+28.9%

Non-Airport

Non-Airport

RM2.8 mil

RM57.8 mil

+118.0%

+32.4%

Borrowings

Group

RM5,318.5 mil

+0.1% FY21: RM5,311.8 mil

RM1,715.1 mil

RM3,596.7 mil

-7.0%

1,715.1

+28.5%

3,596.7

Cash & Money Market Investments*

Group

RM2,285.5 mil

-1.1% FY21: RM2,311.4 mil

RM1,240.8 mil

1,200.9

RM1,044.7 mil

+11.7%

-13.0%

1,110.5

EBITDA

Profit / (Loss) After Tax

Group

(RM21.3 mil)

RM208.3 mil

Group

(RM78.0mil)

(RM26.7 mil)

RM186.9 mil

(RM104.8 mil)

>100%

+82.0%

+104.1%

+52.7%

+37.1%

+72.5%

1Q21: (RM118.2 mil)

1Q21: RM102.1 mil

1Q21: (RM124.0 mil)

1Q21: (RM97.3mil)

1Q21: (RM8.5 mil)

1Q21: (RM221.3 mil)

Net Assets

Net Debt

Group

Group

RM 7,137.9 mil

RM3,033.0 mil

FY21: RM7,252.5 mil

FY21: RM3,000.4 mil

*Cash & Money Market Investments include quoted unit trusts and bonds amounting to RM846.8 mil (Dec'21: RM728.2mil)

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Malaysia Airports Holdings Berhad published this content on 30 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 May 2022 09:24:19 UTC.